Kinds of Audit Services in Dubai and why they are a Necessity

 

auditing services Dubai

 

An audit is not just a technicality; this mandatory step is useful if you want to safeguard your business and help it flourish. There are many reasons behind this; some of which include features such as practical conflict-resolution, uninhibited communication, and early warnings.

The procedures involved in an audit are customized according to the particular audit that is being provided by VAT consultants in Dubai. This approach ensures that members are successful in providing an intelligent, constructive, and much better quality of audit to every client.

What are the Various Types of Audit Services in Dubai?

Based on the specific requirements in an audit and its purpose, there are various types of audits that are conducted by the respective members. Some of these are:

Internal Audit: Done by the employees within the organization, this type of audit is focused on strengthening internal control systems. This helps minimize the risk of errors or omissions – both intentional and unintentional. Additional focus areas include protection of assets, sufficient division of authority across main control regions and conforming to internal operating policies as well as guidelines.

External Audit:

Statutory Audit: A statutory audit is one that is required by law to be performed at a given time. It is aimed at reviewing the accuracy of an organization’s financial records and determines if it is representing its financial status correctly. For this purpose, various data such as transactional records, bank balances, and bookkeeping records related to a host of private and public corporations, banking institutions, financial institutions, sole-proprietors, and so on, are examined.

Tax Audit: This entails the preparation of a report that includes various forms filled as per the governing body’s rules and regulations. The audit services in Dubai that are offered by our experts also include the following tasks –

● Assessing the notice given by the tax authority and explain about it
● Examining the problems, if any
● Helping our clients in putting together the files and documents for the tax audit
● Evaluating the findings of the tax audit and elaborating them to the client
● Explaining the process and other alternatives available in case the client disagrees with the tax authority’s assessments

Transaction Audit: It is an analysis of results to find out if the activities, resources, and other contributing factors causing them are being handled with efficiency and effectiveness.

Management Audit: The goal of a management audit is to examine the systems, techniques, and regulations followed by an organization’s management in the way resources are controlled and used, the planning of tactics and strategies, and improving the organization along with the employees in it.

Stock Audit: An audit that is done on a business’s inventory and is conducted in the interest of banks and financial institutions. This is aimed at making sure that the security on the basis of which funds are lent by the bank is safe and valued correctly.

VAT Consultants in Dubai: How RVG Chartered Accountants Can Help

Our team of experienced and skilled professionals is equipped to provide the best audit services in Dubai by performing various vital tasks such as the following –

Collect and Examine Proof: We combine the data gathered in interviews with database queries, email correspondence, and information present in hard drives. These findings are reported, after which internal controls are evaluated and restoration options are suggested.

Conduct Internal Audit: The scope of this audit is set according to the internal audit controls and performed with cost control as the priority. This is done to make sure that there aren’t any mistakes made by the employees either deliberate or accidental. We are excellently trained in protecting your organization’s assets and ensuring the smooth operation of procedures as well as the proper implementation of internal policies and guidelines.

Due Diligence: Our team helps clients in performing financial, legal and accounting reviews in different scenarios like investments, mergers or acquisitions. An excellent grasp of local laws, regulations and accounting practices gives us the ability to weed out all crucial problems in detail.

Reasons Why Companies Require Internal Audit- RVG Dubai

Every organization is subject to some kind of risk. In the past couple of decades, there have been several instances of fraud in different organizations due to which they experienced a great downfall. Besides, the present slowdown in the economy has provided a more explicit ground to a number of high profile frauds.

Therefore, some internal regulatory bodies such as the UK Bribery Act, USForeign Corrupt Practices Act (FCPA), Sarbanes Oxley Act, etc. have stringently asked the management of the organizations to effectuate an effective risk management framework to avoid fraud. So, companies have started undergoing internal audit Dubai.

With the implementation of the risk management system, the number of frauds has gone quite down. According to some surveys, more than half the frauds within the companies were detected by internal audit reviews. Therefore, being a company, you must get the internal audit of your organization done. Also, if you aren’t getting any efficient auditing services Dubai, visit RVG. RVG provides the best internal audit Dubai to protect your organization from any fraud.

Necessity for Internal Audit Dubai

Dubai is mainly known as the trading and commerce hub. From all over the world, investors and entrepreneurs come here to invest, trade and execute other business purposes. And for the same reason, more audit firms are establishing themselves every passing year.

For the past few years, it has been observed that the contribution of audit firms to the economy of Dubai is excellent. Hence, an internal audit not only lets companies to examine the errors but also plays a critical role in several ways. Here are some reasons why your company must undergo an internal audit:

  • Renders Objective Insight: Auditing own work without a definite conflict of interest isn’t possible at all. Therefore, an internal auditor is required. Since they don’t have any operational responsibility, they can easily achieve these objectives. Furthermore, an internal audit function renders value to your company.
  • Protection of Company Assets: An internal audit helps organizations verify their assets and suggest the right security measures for protection from fraud. The internal auditors run a program assisting stakeholders and management through a systematic risk assessment.

These help companies to discover gaps and let them allow a remediation plan to take place. You will get to know about any changes made in the environment and any fraud or risks will be minimized by the internal auditor.

  • Guarantee Compliance with Rules and Regulation: The audit evaluates the compliances of the firm with audit procedures and policies. When you perform an internal audit on a regular basis, you ensure compliance with all the laws and regulations. Besides, the audit also prepares you for the next external audit. Moreover, it saves you from paying any hefty penalties linked with non-compliance.
  • Evaluation of Control System: An internal audit assesses the effectiveness and competence of the internal control system.
  • Enhances Company’s Efficiency: Such audits examine the working of the company to find whether results are in accordance with the targeted objectives and being carried out as planned.
  • Evaluate Risks: An internal audit investigates company reports for any theft, fraud or misconduct.

To Conclude

With the continuous evolution of internal audit, organizations are stupendously managing the fraud risks and protecting the organization from any kind of security threat. Moreover, the internal audit function not only monitors and detects but also investigate incidences of fraud in the organization when they arise. Besides, internal audit has increased the focus of management of several organizations regarding fraud risks.

In case you haven’t executed the risk management framework yet and are searching for the best internal audit Dubai, you can visit us. We perform both due diligence as well as forensic and fraud investigation.

SMALL CHANGES, BIG SHIFTS

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